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When the White House announced last week it would be losing the services of Lewis A. Sachs, one of the president’s top economic advisers, the reason given for Sachs’s departure was that his work was largely complete. “He’s leaving now that markets have stabilized and Secretary [Timothy] Geithner has had time to set up a permanent team,” Treasury Department spokesman Andrew Williams said.
But Sachs’s quiet exit, reported in a blog entry on the New York Times web site, comes without any apparent next move for the Wall Street veteran, except for what he told the Times was his desire for time to “catch up on some sleep.”
Not factoring into the decision, Williams said, were recent reports suggesting Sachs’s old employer could be the subject of a federal probe. A December Times report said federal officials were then in the early stages of an investigation into companies that sold a complex breed of securities known as synthetic collateralized debt obligations, or C.D.O.’s, and then made financial bets against them.
More from Ken Silverstein:
Perspective — October 23, 2013, 8:00 am
How pro-oil Louisiana politicians have shaped American environmental policy
Postcard — October 16, 2013, 8:00 am
A trip to one of the properties at issue in Louisiana’s oil-pollution lawsuits
Length in days of the sentence Russian blogger Alexei Navalny served for leading an opposition rally last year:
Israeli researchers developed software that evaluates the depression of bloggers.
It was revealed that reading material recovered during the U.S. raid of Osama bin Laden’s compound in Pakistan included Popular Science, Time, silk-screening instructions, and a suicide-prevention manual called “Is It the Heart You Are Asking?”
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“Shelby is waiting for something. He himself does not know what it is. When it comes he will either go back into the world from which he came, or sink out of sight in the morass of alcoholism or despair that has engulfed other vagrants.”